Stainless steel producer Aperam has sealed a €300mn unsecured revolving credit facility.
Crédit Agricole Corporate and Investment Bank (CACIB) and ING were the co-ordinators, mandated lead arrangers and bookrunners for the deal.
The facility has a tenor of five years with two one-year extension options.
The funds will refinance the company’s US$400mn syndicated borrowing base that was last renewed in March 2015, and be used for general corporate purposes.
The facility was oversubscribed. Other participating banks include Banco Bilbao Vizcaya Argentaria, Santander, BNP Paribas, Citibank, HSBC, Trinkaus and Burkhardt, Intesa Sanpaolo, JP Morgan and Société Générale.
Aperam’s long-term corporate credit rating has been upgraded recently to investment grade by rating agency Standard and Poor’s. The move up was attributed to the company’s steady and strong operating performance and credit metrics. The company’s rating is now at BBB-, with a stable outlook.